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25 Jun 14 Car limit for 2014-15 - TD 2014/17

The car limit under s 40-230 of the Income Tax Assessment Act 1997 for the 2014-15 financial year is $57,466: taxation determination TD 2014/17 "Income tax: what is the car limit under section 40-230 of the Income Tax Assessment Act 1997 for the 2014-15 financial year?"

The car limit under 40-230 is used, amongst other things, in s 40-230 for the purposes of working out the first element of cost of certain cars to which the car limit applies. If the first element of cost of a car to which the car limit applies exceeds the car limit, the first element of cost of that car is reduced to the car limit. The relevant car limit is the one that applies for the financial year in which the taxpayer starts to hold the car.

The determination was not previously issued in draft.

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